Retailers upgrade their profit forecasts after reporting strong sales over the festive season as Britons shunned eating outA Tesco supermarket in Hatfield, Britain, October 6 2020. Picture: REUTERS/PETER CZIBORRABritish shoppers’ desire to celebrate Christmas at home spurred Tesco and Marks & Spencer to the top of the festive retail pile as demand for premium food, wine and Champagne prompted both retailers to upgrade profit forecasts.
There was also pressure on the fast-fashion front, with one-time stock market darling ASOS reporting that its sales, while in line with downgraded forecasts, had been limited by volatile demand and supply disruptions. M&S, Britain’s best known stores group which is recovering from a decade of decline, said food sales in the 13 weeks to January 1 rose 12.4% from its pre-pandemic performance two years ago, while clothing and home sales were up 3.2%. Both numbers were better than expected.British clothing retailer Next set the tone for the festive reporting season when it published results last week showing that consumer demand had been much stronger than expected.
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